Howard Leaman Apr 24/19
Canola traded on both sides of unchanged again on Wednesday, ending
higher. The market was supported by weakness in the Canadian dollar and the
Stats Can planting intentions report. The Canadian dollar lost about a
third of a cent against the U.S. dollar partly in response to the Bank of
Canada's decisions to hold interest rates unchanged and lowered its
projection of GDP. Stats Can estimated that Canadian farmers intend to
plant 21.3 million acres this spring, down from 22.8 million planted last
year. That estimate was in the range of expectations, but it was on the low
The buying in canola was curbed by spillover selling from the soy
complex, European rapeseed and palm oil. In addition, the technical bias in
canola is to the downside, and some traders apparently saw the bounce on
Wednesday as a selling opportunity.
Jly Canola 466.90 444.80
Nov Canola 477.50 457.70
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